Rent or Buy? Must Ask Questions

Whether you should buy or rent a home depends on your wants, needs, priorities, short and long term goals. Given the option, most people still prefer to own, especially these days when rents have gone up and mortgage rates have gone down. The decision is not only financial, but in fact, most people buy for quality of life reasons.

Here are some must ask questions to answer if you’re trying to decide:

1)      What are your short and long term plans?

2)      What type of house do you want?

3)      What community do you want to live in?

4)      What is the upfront cost?  Down payment that goes toward the purchase price vs. security deposit, first and last month rent, rental agent fee.

5)      What is the actual after tax cost?

6)      How often do you want to move? A landlord can decide to sell the property at the end of your lease term end do you want to move after a year? What if you have children in school and there aren’t any rentals in that school district?

7)      Do you have a pet(s)? Many landlords do not allow any pets.

8)      How important is control over your living space?

9)      Do you like to decorate? You can’t change a rental; and why would you want to spend money on someone else’ property?

10)   How do you feel about paying your landlord’s mortgage/expenses, building some else’ wealth?

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Acton (MA)Real Estate - Home Sales and Prices Up in May 2012

Single Family Homes: There are currently 94 single family homes for sale in Acton MA; last year there were 123 at this time. List prices range from $180,500 to $1,099,888. The median list price is $574,950 – 50K less than last year at this time; the average list price is $567,167, last year it was $573,517.

The Acton residential real estate market is very active. Of the 94 single family homes on the market, 25 already have offers accepted waiting for contingencies to clear, so the actual number of single family homes for sale is very low. Additionally, 35 single family homes went pending during May compared to 21 in May 2011.

May Closed Sales: Closed sales and sale prices for single-family homes in Acton were up substantially in May. There were 20 sold compared with just 8 during May 2011. The median sale price was $511,250; up from $432,000. The average was $518,320, up from $475,625. Based on the limited supply of homes on the market, buyers can expect competition and prices for homes increase. However, the market generally slows down during the summer so buyers who want to live in Acton should stay in the market and be prepared to step up if they find a home that suits their needs.

Year-to-date Sales: There were 55 single-family closed sales in Acton between January 1 and May 31 2012 up from 46 during the same period in 2011. The median sale price was $497,500, higher than May 2011 of $453,750. The May 2012 average price was $497,784; the average price in May 2011 was $521,014.

Condominiums and Townhouses: The supply of condominiums and townhouses in Acton has declined from last year at this time; there are 63 for sale compared with 76 last year. Prices range from $85,000 to $680,000. The median price is $289,800; last year it was $261,950. The average is $331,474; last year it was $268,625.

Acton has good selection of new construction attached and detached townhomes. Buyers can have their own buyer agent representing them but remember, the buyer agent must accompany the buyer to the site the first time they visit the site. If you’re interested in new construction, find a buyer agent first. While the agent on-site will be very friendly and helpful, remember, that person’s job is to act in the best interest of the builder, not you! A buyer agent who knows new construction and who knows how to negotiate can save you money.

Closed sales: Condominium sales are down from last year. There were 28 closed sales of condominiums and townhouses from 1/1 – 5/31/2012; there were 32 for the same period in 2011. The median price was $183,600; the average was $231,182; both lower than last year.

Source: MLSPIN (Multiple Listing Service Property Information Network)

Housing Trends eNewsletter & Local Reports Wayland, Sudbury, Maynard, Stow and Acton MA

Here is the link to the latest Housing Trends eNewsletter which includes articles for homeowners, buyers, sellers, and renters along with, Massachusetts and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, housing market video reports, blogs, real estate glossary, maps, mortgage rates and calculators, community reports that map shopping, schools, recreation and more. 

All real estate is local so I have also included my own market reports for Wayland, Sudbury, Maynard, Stow and Acton. Let me know if you need information about other towns or specific properties.

Acton MA Real Estate Update - Active Start to Spring Market!

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Single Family Homes: There are currently 76 single family homes for sale in Acton MA; last year there were 65 at this time. List prices range from $199,000 to $1,395,000. The median list price is $577,900; the average list price is $594,776, both higher than one year ago when the median was $549,900 and the average list price was $568,882.

The market is Acton is very active. Of the 76 single family homes on the market, 27 already have offers accepted waiting for contingencies to clear. There are also 23 homes with sales pending. The average list price for sales pending is $500,781. The average list price for properties with accepted offers is 516,534 – offers accepted are the most recent activity. We will know the actual sale prices when the properties close.

The average list price for these homes is lower than the average list prices for current listings that do not have accepted offers (unsold listings) and also lower than the average sale price in Acton for 2011. So here the million dollar question: is high activity due to lower list prices and will it continue as sellers ask more? In theory, price is based on supply and demand and if high activity continues and supply declines, then prices should go up; or will buyers step aside again? Stay tuned for next month’s report.

Year-to-date Sales: There were 14 single-family closed sales in Acton between January 1 and March 15; there were 15 during the same period in 2011; and median and average sale prices were both lower. The median sale price was $452,250, down from $553,000 in 2011. The average price was $503,130, also less than for the same period in 2011 when it was $561,560.

Condominiums and Townhouses: The supply of condominiums and townhouses in Acton has declined substantially from last year at this time; there are 46 for sale compared with 65 last year. So it’s no surprise that list prices are higher than last year. Prices range from $85,000 to $750,000. The median price is $272,400; last year it was $229,700. The average is $316,030; last year it was $278,158.

Acton has good selection of new construction attached and detached townhomes, and yes, buyers can have their own buyer agent representing them, however, the agent must accompany the buyer to the site the first time they visit. If you’re interested in new construction, find a buyer agent first. While the agent on-site will be very friendly and helpful, remember, that person’s job is to act in the best interest of the builder, not you!

Closed sales: There were 12 closed sales of condominiums/townhouses from 1/1 – 3/15/2012; exactly the same number as for the same period in 2011. The median price was $163,600; the average was $167,655; both lower than last year.

Source: MLSPIN (Multiple Listing Service Property Information Network)

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